Oftentimes, when people think about beneficiaries of assets and funds, they may automatically think about parents leaving an estate to be split between children. However, for Michigan couples and individuals without children, the process of crafting an estate plan may be slightly different. It may require some more thought regarding beneficiaries than for those who have children and who simply plan to leave all assets to those children.
One estate planning tool a childless couple or individual may want to invest in is long-term care insurance. This can help those who foresee the need for assisted living or even an adult day care situation who may not be covered by traditional insurance, as this kind of care can be extremely costly. Another means of covering this kind of expense may be the creation of a trust.